HOW TO GET YOUR BUSINESS REGISTERED IN NIGERIA

How do i get my business registered?. Well, doing this is not a problem but before giving an answer to that, you ask yourself why do I have to register my business name?.


The reasons are firstly to ensure there is a legal backing over your business. This means your business becomes an entity that can sue and be sued. Secondly, it would ensure that the name and integrity of the business is protected in the future.

Registration of a business name in Nigeria is processed by The Corporate Affair Commision.

The basic requirement for the registration are:

• Ensure that your business have at least two members but not more than 50. 
• Ensure that members are collaborated in your company are more than 18 years of age. 
• Ensure that members who are collaborated in your company are free from any related financial crime. 
• The least share capital of your business should be #10,000 and not less. 
• Also, ensure the proper filling of some documents. A notice of registered address of your business, article of association and memorandum, receipt of payment of your stamp duties, particulars, list and consent of the first director's of your business, statement of compliance by legal practitioner.

In registering a business name, a lawyer will be required to draft the necessary aforementioned documents and to speed up the process which usually takes up to 3 to 6 weeks depending on when the CAC decides to look into your document. Although the newly proposed but yet to be implemented is to ensure that processes for registration of a business name should not be more than a week.

When the aforementioned requirements are met, then you are ready to get your business name registered. The following steps should be taken:

• Choose a business name: Here, you choose a suitable business name that does not exist. Atleast two names should be submitted to CAC. And do not select business names that are related to Nationals,Government,Federal,Holdings without special premission from the proper authority to avoid rejection of business name.
• Preparation of memorandum and article of association: This aspect involves filling of documents and a lawyer should do it to speed up the process. Inside the document, you would be as asked for names of the first director's of the business, the name of the shareholder who should be above 18years of age, both directors and shareholders listed should have means of identification which would be shown to the CAC team on their inspection day. 
• The incorporation forms: This aspect would equally involve filling of documents and a lawyer is to do it to speed up the process. The forms to be filled are: The statement of share capital and return of allotment form (form CAC 2) to be filled by one director, The notice of change of registered address form which should be signed by the Secretary and director (CAC 3), The particulars of directors form to be filled by all the director's (CAC 4), The declaration of compliance with the requirement of CAMA filled by the form accredited by CAC (CAC 4), A company Secretary to the company he is to be appointed by two director's of the company.

All filled and willed documents are to be submitted back to the CAC after making payment.

Also, a pre-registration form (CAC 1) is online and should be filled and submitted online on the official website, then download, fill and return back to the office of the CAC.

• Making Payment: Payment to be made include: filing fee to CAC which should be checked before registering your business name, Stamp duty fee to the Federal Inland Revenue of which a designated bank name and account of the FIRS would be given.

After payment, the payment documents should be taken to stamp duty office where they are stamped after submitted to CAC. Then in 6 weeks from the date of submission, you will receive the certificate of incorporation and registration.

After receiving the certificate, it is adviceable to get registered with some organizations which can be done on their official website.

• Register your company for company income tax and value added tax with Federal Inland Revenue Service
• When dealing with business that are financial in nature. To gain the trust of your clients, register for The Special Control Unit against Money Laundering
• Hold an Annual General Meeting (AGM) each year and fill annual return 42 days after AGM. 

[Also read]:Beginners tips on how to start a Real Estate Business in Nigeria.

We hope you have been enlightened. Kindly go ahead with the registration of your business name today.

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